Eldorado Gold Announces Third Quarter 2020 Preliminary Production Results and Conference Call Details
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NEWS RELEASE
TSX: ELD NYSE: EGO October 13, 2020
Eldorado Gold Announces Third Quarter 2020 Preliminary Production Results
and Conference Call Details
VANCOUVER, BC – Eldorado Gold Corporation (“Eldorado” or “the Company”) is pleased to announce Q3
2020 preliminary production of 136,672 ounces of gold , a 35% increase over Q3 2019. Further detail on
asset level production is shown in the table below.
Q3 and Year-to-Date 2020 Preliminary Production
Q3 Preliminary Production
Production (oz) Q1 2020 Q2 2020 Q3 2020 Q3 2019 Q3 %Change
Kisladag 50,176 59,890 59,593 35,885 66%
Lamaque 27,353 33,095 39,525 32,037 23%
Efemcukuru 23,239 26,876 23,642 25,733 -8%
Olympias 15,182 17,921 13,912 7,941 75%
Total 115,950 137,782 136,672 101,596 35%
Year-to-Date Preliminary Production
Production (oz) YTD 2020 YTD 2019 YTD %Change
Kisladag 169,659 89,204 90%
Lamaque 99,973 84,855 18%
Efemcukuru 73,757 77,524 -5%
Olympias 47,015 24,793 90%
Total 390,404 276,376 41%
Gold production at Kisladag increased 66% over Q3 2019 and was consistent with Q2 2020. Gold recoveries
continue to be as expected and solution grades increased over the summer due to drier weather. Production
for 2020 remains slightly below expectations as solution inventories remain higher than normal. We expect
to see continued benefit from drawing the solution inventory down through the balance of 2020 and into 2021.
Budgeted improvements are being made in the solution processing plant to further increase capacity and are
expected to start coming online in Q1 2021.
Lamaque had record gold production in Q3 2020. Production was higher compared to Q3 2019 and Q2 2020
due to an increase in tonnes mined per day that was enabled by the revised Certificate of Authorization from
the Quebec Ministry of Environment . Additionally, for the month of September , underground development
moved into higher grade ore at the top of the C4 zone which had a positive impact on ounces produced.
Gold production at Efemcukuru for Q 3 2020 was slightly lower than Q3 2019 and Q2 2020 due to lower
grades processed during the quarter compared to comparative quarters.
Gold production at Olympias increased 75% over Q3 2019 as a result of investments in mine development,
equipment, resources, and backfilling capa city that have improved productivity over the last year . Gold
production in Q3 2020 was lower than Q2 2020 due to lower than average head grades . Throughput was
lower in September 2020 due to COVID-19 protocols that were activated at site, including testing and contact
tracing. The operation resumed normal levels of throughput by the end of September.
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Q3 2020 Financial and Operational Results Call Details
Eldorado Gold will release its Q 3 2020 Financial and Operational Results after the market closes on
Thursday, October 29, 2020 and will host a conference call on Friday, October 30, 2020 at 11:30am ET
(8:30am PT). The call will be webcast and can be accessed at Eldorado Gold’s website:
www.eldoradogold.com, or via: http://services.choruscall.ca/links/eldoradogold20201030.html
Conference Call Details Replay (available until December 4, 2020)
Date: October 30, 2020 Vancouver: +1 604 638 9010
Time: 11:30 am ET (8:30 am PT) Toll Free: 1 800 319 6413
Dial in: +1 604 638 5340 Access code: 5357
Toll free: 1 800 319 4610
About Eldorado Gold
Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkey,
Canada, Greece, Romania, and Brazil. The Company has a highly skilled and dedicated workforce, safe
and responsible operations, a portfolio of high -quality assets, and long -term partnerships with local
communities. Eldorado's common s hares trade on the Toronto Stock Exchange (TSX: ELD) and the New
York Stock Exchange (NYSE: EGO).
Cautionary Note about Forward-looking Statements and Information
Certain of the statements made and information provided in this press release are forward-looking statements or information within the meaning of the
United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often, these forward -looking statements and
forward-looking information can be ident ified by the use of words such as "plans", "expects", "is expected", "budget", “continue”, “projected”, "scheduled",
"estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives thereof or variations of such words and ph rases or statements that certain
actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements or information contained in this release include, but are not limited to, statements or information with r espect to: our guidance
and outlook, including expected production and recoveries of gold; our expectation as to our future financial and operating p erformance, and our strategy,
plans and goals.
Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and unknown risks, uncertainties
and other factors which may cause the actual results, performance or achievements of the Company to be materially different f rom any future results,
performance or achievements expressed or implied by such forward-looking statements or information.
We have made certain assumptions about the forward-looking statements and information, including assumptions about how the world-wide economic and
social impact of COVID-19 is managed and the duration and extent of the COVID 19 pandemic, the tonnage of ore to be mined and processed; ore grades
and recoveries; mineral reserves and resources and metallurgical recoveries, the geopolitical, economic, permitting and legal cl imate that we operate in;
the future price of gold and other commodities; exchange rates; anticipated costs and expenses; and actual production. In particular, except where otherwise
stated, we have assumed a continuation of existing business operations o n substantially the same basis as exists at the time of this release.
Even though our management believes that the assumptions made and the expectations represented by such statements or informat ion are reasonable,
there can be no assurance that the forw ard-looking statement or information will prove to be accurate. Many assumptions may be difficult to predict and
are beyond our control.
Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assu mptions prove incorrect, actual results
may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors include, among others,
the following: the duration and effects of COVID -19, and any other pandemics on our operations and workforce, and the effects on global economies and
society; geopolitical and economic climate (global and local), mineral tenure and permits; gold and other commodity price volatility; recoveries of gold and
other metals; results of test work; revised guidance; mining operational and development risk; discrepancies between actual and estima ted production,
mineral reserves and resources and metallurgical testing and recoveries; additional funding requirements; currency fluctuations; speculative nature of gold
exploration; competition; loss of key employees; and defective title to mineral claims or properties, as well as those risk f actors discussed in the sections
titled “Forward-Looking Statements” and "Risk factors in our business" in the Company's most recent Annual Information Form & Form 40 -F. The reader
is directed to carefully review the detailed risk discussion in our most recent Annual Information Form filed on SEDAR under our Company name, which
discussion is i ncorporated by reference in this release, for a fuller understanding of the risks and uncertainties that affect the Company’s business and
operations.
Forward-looking statements and information is designed to help you understand management’s current views of our near and longer term prospects, and
it may not be appropriate for other purposes.
There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially
from those anticipated in such statements. Accordingly, you should not place undue reliance on the forward -looking statements or information contained
herein. Except as required by law, we do not expect to update forward -looking statements and information continually as conditions change and you are
referred to the full discussion of the Company's business contained in the Company's reports filed with the securities regula tory authorities in Canada and
the U.S.
Mineral resources which are not mineral reserves do not have demonstrated economic viability. With respect to “indicated mineral resource” and “inferred
mineral resource”, there is a great amount of uncertainty as to their existence and a great uncertainty as to their economic and legal feasibility. It cannot be
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assumed that all or any part of a “measured mineral resource”, “indicated mineral resource” or “inferred mineral resource” will ever be upgraded to a higher
category.
Except as otherwise noted, scientific and technical informati on contained in this press release was reviewed and approved by Paul Skayman, FAusIMM,
and a "qualified person" under NI 43-101.
Contact
Investor Relations
Peter Lekich, Manager Investor Relations
604.687.4018 or 1.888.353.8166
Media
Louise Burgess, Director Communications and Government Relations
604.601.6679 or 1.888.363.8166